Cocker v. Terminal Railroad Ass’n of St. Louis Pension Plan

In ERISA action challenging defendant’s calculation of plaintiff’s retirement benefit, Dist. Ct. erred in agreeing with plaintiff that appropriate offset to benefits owed under existing plan was actual amount that plaintiff had been receiving from different retirement plan, when plaintiff took early retirement from different employer. Relevant language in instant plan called for higher offset that was measured by what plaintiff would have received in pension benefits under prior employer’s pension plan had plaintiff began receiving payments at normal retirement date. Moreover, plaintiff’s interpretation would result in him receiving windfall, where amount he was receiving under prior plan from early retirement was actuarially identical to figure he would have received under same plan at normal retirement date.